Adekunle Adeosun, Chairman of Ogun State Internal Revenue Service (OGIRS) on Wednesday disclosed that the internal Revenue board was able to generate over N12 billion from various revenue sources, including personal income tax, pay-as-you-earn, withholding tax, consumption tax, among others, in seven months.
Adeosun, who received members of the State House of Assembly Committee on Finance and Appropriation being led by Bankole Akanbi to his office as part of 2016 Budget Assessment, said despite the current economic recession, the board was able to generate as much as N12 billion as a result robust financial system which prevents financial leakages.
While pointing out that despite the current economic downturn, the Chairman boasted that the revenue and receipt collection made between January and July this year surpassed that of last year by N1 billion going by year-on-year calculation, adding that the internal revenue board generated N11 billion same period in 2015.
He declared that the improvement was based on dispute resolution through regular tax audit reconciliation committee meeting with relevant stakeholders in the state, adding that the agency had embarked on massive regular tax education and enlightenment in print and electronic media towards promoting voluntary tax compliance among residents.
He however, highlighted low level of voluntary compliance by tax agents, non-renewal of vehicle license among other hurdles, but explained that some of challenges are being addressed by the agency.
Responding, Bankole Akanbi, Chairman of the House Committee on Finance and Appropriation, commended the efforts of the agency for its numerous achievements despite the economic downturn being experienced in Nigeria, charging them to intensify efforts towards setting in place more financial machinery to improve on the state revenue.
